Former State Legislator Sued for $80 Million

MEMPHIS, Tenn. (AP) — A West Tennessee financial adviser and former state representative is the target of an $80 million lawsuit that claims plaintiffs were duped.
Larry Bates of Hardeman County is among the defendants in the suit filed Wednesday in U.S. District Court in Memphis. Bates served in the Tennessee General Assembly 1971-76 as a Democrat.
The website of First American Monetary Consultants lists Bates as the company’s founder and “political economist.”
WMC-TV in Memphis reported the lawsuit against Bates and others claims the company fraudulently persuaded customers to buy gold and silver coins, but withheld delivery ( ).
The plaintiffs claim FAMC targets Christians and uses Bible quotations in its pitch.
Bates told the station the lawsuit is “pure nonsense” and said it was motivated by a disgruntled former employee and political opponents.

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